Zoho is a Chennai-based firm. It has announced today (19/01/2018) that it has invested an undisclosed amount in Pre Series round of funding in the Chennai-based healthcare startup, vTitan. The startup manufactures medical devices for hospitals and clinics. So far, the startup has manufactured medical devices like Accuflow SP-550 and Accuflow IBP-550 syringe infusion pumps, which are used to this date in the Critical Care Units (CCU) of hospitals. vTitan was founded in 2010 by Periyakulam Kasthuri. The startup had so far secured US $10 million (Rs. 65 crores) in seed funding from Zoho.
The syringe infusion pumps are used in the CCU units of hospitals for safe infusion of medicines in a precise and continuous manner. However, the startup’s products still await EU Certification. The Accuflow SP-550, which works on electricity, is priced at Rs. 35,000 and the Accuflow IBP-550 syringe infusion pump is priced at Rs. 45,000.
“This is a dream that I saw over 10 years back. It is a blessing for us to fund a startup and entrepreneur who is working towards making this dream come true”, said Vembu.
“Today, 80% of medical devices used in India are imported. We are attempting to build devices in India, using local talent and technology. The parameters of privacy, security and quality are very high in healthcare. We have had several iterations of the product to ensure it is not a ‘me too’ offering”, said Kasthuri, founder of vTitan.
According to The Times of India, around 90% of vTitan’s employees are employed in the R&D department of vTitan. The startup is currently developing voice and touch-sensitive medical devices for the US and European markets. The startup has tied-up with eminent doctors across India to ensure that its medical devices meet current and future market needs.
“We have taken special care to ensure every component is of high quality considering various factors including noise, temperature, wear and tear among others”, Kasthuri said.
The other healthcare startups to get funded last year (2017) include the healthcare startup, CrediHealth, which secured US $1.5 million (Rs. 9.75 crores) in Pre Series round of funding from Tolaram during April, last year (2017). The healthcare startup, QorQI, secured an undisclosed amount of seed funding from PayTm during April 2017. The Hyderabad-based healthcare startup, OXA, secured an undisclosed amount of seed funding from the UAE-based VC firm, Idein Ventures during March 2017. The healthcare startup, Celes Care, raised US $1.5 million (Rs. 9.75 crores) in Pre Series round of funding from Ventureast, Endiya Partners, Eight Roads Ventures, F-Prime Capital Partners, Dr Varaprasad Reddy and other preeminent investors during March 2017. The healthcare startup, MobiDent, secured an undisclosed amount of Pre Series funding from DanGold Investment Corp. during January 2017 just to name a few.